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READ MOREBritish shoppers likely to spend £4.4bn less on non-essentials during Christmas period
British shoppers are expected to spend £4.4bn less on non-essentials – a fall of 22% – in the run-up to Christmas as a surge in the cost of living puts a squeeze on their spare cash.
Almost 60% of shoppers expect to cut back on non-food spending in the so-called “golden quarter”, or last three months of the year when most retailers book the majority of profits, according to research by Retail Economics with retail technology firm Metapack.
The outlook piles further pressure on businesses which are already facing higher energy bills and labour costs as well as an increase in the cost of goods forcing many to cut back on trading hours.
Read more at The Guardian
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